Florida's medical marijuana framework is governed by the Office of Medical Marijuana Use (OMMU), which oversees the licensing, regulation, and enforcement of medical cannabis operations. The program requires patients to have a qualifying medical condition and be registered by a certified physician to receive a Medical Marijuana Use Registry identification card. Licensed Medical Marijuana Treatment Centers (MMTCs) are vertically integrated, handling all aspects from cultivation to dispensing, ensuring a controlled and regulated market​.

In November of 2024, a constitutional amendment to legalize cannabis for adult-use garnered majority support from 55.9% of Florida voters, but ultimately failed to reach the 60% threshold that is required to pass constitutional amendments in Florida. Although this wasn't the outcome FL operators were hoping for, the vote has shown that the majority of Floridians are in favor of adult-use legalization. Two months after the failed vote, the "Smart & Safe Florida" committee has filed a new proposal to be included on the 2026 ballot. The revised proposal addresses concerns that were voiced by the opposition ahead of the original November 2024 vote. These changes include restricting smoking in public places and making sure products won't be marketed to children.

While medical cannabis has been legal in the state since 2016, recreational use has not. The "Smart & Safe Florida" campaign, funded by Trulieve and other cannabis companies, would take effect six months after the November 2026 election if 60% of Florida voters approve the amendment.

December 2024 | Vireo Growth announced its acquisition of The Flowery

August 2024 | Mint Cannabis and Shango Cannabis announced the acquisition of The Cannabist Company's Florida assets through a JV Partnership

August 2023 | Planet 13 announced its acquisition of VidaCanna for $49MM

February 2022 | MedMen announced a sale of substantially all Florida assets for $83MM

September 2021 | Planet 13 announced its acquisition of Harvest's Florida license

August 2021 | Eaze announced its acquisition of Green Dragon, becoming America's largest cannabis delivery service

July 2021 | Eaze announced its opening of two dispensaries in Florida

January 2021 | Cresco announced its acquisition of Bluma Wellness Inc.

December 2020 | AYR announced its acquisition of Liberty Health Services

November 2020 | Verano merged with AltMed

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Florida is one of the industry's most limited and unique license structures. With only 27 vertically integrated licenses for ~23MM people and growing patient population, Florida licenses are among the industry's most valuable.

These licenses are unique because they can only sell what they produce, requiring robust vertical integration from farm to flame. The current market leader, Trulieve, boasts 162 active dispensaries and millions of square feet of cultivation. Its competitors lag far behind with fewer than half the number of active dispensaries and cultivation space. In a bid to compete with Trulieve, competitors are slashing flower prices in a race to the bottom. The resulting price wars beg the question of whether top MSOs can sustain profitability while waiting for recreational adult-use to pass in the sunshine state.

With population increasing by the day, the state is undeniably poised for explosive market growth upon recreational adult-use legalization.